UTILITIES | Staff Reporter, Singapore

Daily Briefing: Noble Group debt back above 50 cents; Singapore prime office land prices up 6%

And Ascott scores JTC lease for one-north serviced residence.

Noble Group Ltd.’s plans to refinance loans due next month are getting a boost as the commodities collapse eases. Bonds due 2018 from the resources trading company, which has been cut to junk and will be removed from Singapore’s Straits Times Index, recovered to 59 cents on the dollar Monday from as low as 41 cents on Jan. 22, a period in which its shares surged by almost 60 percent. Read more here.

Prices of prime office development land in Singapore remained unchanged in the second half of last year but increased by 6 percent for the whole of 2015, according to a Knight Frank report. The consultancy attributes the moderate growth to soft demand in the office rental market as a result of both domestic and external economic challenges coinciding with strong supply. Find out more here.

CapitaLand's serviced residence arm Ascott Limited on Monday (7 March) announced in a press release that it has snagged a lease award from JTC Corporation for a prime property in one-north business park. The 50-unit serviced residence will be rebranded to Citadines Fusionopolis Singapore from 1 April. Read more here.

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